By: Mahmoud Gamal
Mubasher: The Gulf stock markets are expected to try to hold at their current levels on Wednesday despite lower-than-expected quarterly financials of some companies, in line with the rise of global stocks to record highs, analysts told Mubasher.
Most GCC exchanges rose on Tuesday to approach resistance levels which gave an entry signal to some investors to build new positions in selective stocks.
Some Gulf bourses topped by the Dubai Financial Market (DFM) and the Qatar Stock Exchange (QSE) showed resilience in the face of disappointing results posted by some blue-chip companies, analyst Meshari Shehab said in a statement to Mubasher.
The DFM rose 0.1% on Tuesday despite the decline of du by 3% after reporting a year-on-year decrease in net profits to AED 364.9 million ($99.35 million) in Q1-17, lower than estimates of AED 447.33 million.
The QSE went up 0.04%, although Milaha fell 0.3% after posting a decrease in net profits by 0.3% to QAR 236 million in Q1-17.
The GCC exchanges will not recover unless most leading companies announce their first-quarter financials, financial analyst Mahmoud Abou Zeid told Mubasher.
Translated by: Julian Nabil
